The Consumer Price Index for All Urban Consumers (CPI-U) in the Miami-Fort Lauderdale-West Palm Beach area declined by 0.2 percent from June to August, according to a report from the U.S. Bureau of Labor Statistics. Regional Commissioner Victoria G. Lee stated that “the index for all items less food and energy fell 0.3 percent over the two-month period.” The energy index remained unchanged during this time, while the food index saw a slight increase of 0.1 percent.
Over the past year, the CPI-U in the Miami area increased by 2.5 percent as of August. The index for all items excluding food and energy rose by 2.4 percent in that same period, with the food index up by 4.8 percent and the energy index increasing slightly by 0.2 percent.
From June to August, grocery store prices went up in four out of six major categories, notably nonalcoholic beverages and beverage materials (+4.0 percent) and dairy products (+3.1 percent). However, fruit and vegetable prices dropped by 3.8 percent over these two months.
Restaurant and cafeteria prices did not change between June and August but rose by 5.0 percent over the past year.
The gasoline index was nearly flat over the two-month period, down just 0.1 percent, but fell by 9.1 percent compared to last year.
Other indexes showed declines from June to August: household furnishings and operations (-5.9 percent), apparel (-5.4 percent), other goods and services (-2.5 percent), and medical care (-0.6 percent).
Shelter costs increased modestly at 0.4 percent over two months; owners’ equivalent rent also rose at this rate, as did rent itself.
Alcoholic beverages saw a significant rise of 13.3 percent from June to August, while education and communication costs increased by 1.4 percent during that time frame.
Over twelve months ending in August, shelter costs were up by 3.0 percent; both owners’ equivalent rent and general rent posted similar increases.
The next CPI release for September is scheduled for October 15, followed by October’s data on November 13.
The Consumer Price Index tracks average price changes across a fixed basket of goods and services over time within each region or city but does not compare price levels between different cities or regions directly due to methodological differences such as smaller sample sizes at local levels which may result in greater volatility than national figures.
